Filing for Bankruptcy Knoxville

FILING FOR BANKRUPTCY KNOXVILLE

Financial troubles can take a strangle hold on anyone. Justin Brackett and Brent Strunk base their career on helping debtors improve their lifestyle by disputing debts and helping debtors, who are in too deep, file for bankruptcy. All debtors’ situations are unique, so it is important to isolate the problem and address it. Brackett and Stunk are bankruptcy attorneys that analyze each client’s budgets and apply their expertise to help their clients classify their financial situation. Bankruptcy can be a relief for some debtors, but bankruptcy is not the answer for everyone in debt.

Bankruptcy Candidates

Urgent financial situations can make any debtor feel suffocated by their financial ruin. It is important for debtors to identify the problem, so they can begin repairing their finances. Some debtors may not be able to repair their finances, and need a fresh start. Debtors who need a fresh start are usually people that have a creditor threatening to put a lien on their home, attempting to garnish wages, or may have their auto repossessed. In order for debtors to get a fresh start, it is important to be honest with your bankruptcy lawyer. If a debtor gets caught hiding assets, they will be charged with fraud and their case will be dismissed.

Types of Bankruptcy

There are several different types of bankruptcy that contain different laws and rules. Each chapter is tailored to each type of debtor. Chapter 7 is the most common type of bankruptcy used by individuals, but has been used by business owners. Chapter 7 is considered the most severe type of bankruptcy, because it requires selling the debtors assets and giving the proceeds to creditors. Chapter 7 is usually used by debtors that no longer have a source of income. Chapter 13 is applied to debtors that still have a steady source of income. Chapter 13 is generally used by individuals, but small business debtors can also file under Chapter 13. ‘Individual reorganization’ is another name for Chapter 13 bankruptcy, because the debtor must settle their debts in a three to five year period. Chapter 11 is similar to Chapter 13, but it is applied to larger businesses that are bankrupt.
Bankruptcy can be very daunting for debtors, so getting a bankruptcy lawyer is essential. Bankruptcy lawyers, like Brackett and Strunk, can help debtors isolate their problem and make the best out of their fresh start.